From conveyancing to freehold – the house buying jargon baffling Brits

Buying a home can be daunting, especially for first-time buyers who are faced with complex terms and legal jargon. In fact, a recent survey by Barratt Homes found that 56% of Brits feel intimidated by house-buying jargon.

To simplify the journey, Barratt Homes surveyed 500 Brits to see how well they understood key home-buying terms. Using the findings, they’ve provided definitions and a step-by-step guide to make the process easier to navigate.

Which home buying terms do Brits lack the most knowledge of? 

Term	% of respondents unfamiliar with the meaning
Housing Survey	86%
Property Searches	86%
Survey Contingency	77%
Memorandum of Sale	75%
Loan to Value ratio	67%
Conveyancing	57%
EPC certificate	54%
Agreement in Principle	51%
Subject to Contract	39%
Property Chain	39%

Key Findings: 

• The trickiest jargon for UK home buyers was survey contingency, as 77% of respondents were unfamiliar with the term.  
• Conveyancing can often be the longest part of buying a house, sometimes taking up to 12 weeks. Despite this, less than half of Brits (43%) are familiar with the term.  
• An agreement in principle is one of the most crucial steps early in the house-buying process, yet 51% had never heard of the term.

But what exactly do these words mean? 

To help homebuyers, Barratt Homes has put together simple definitions for some of the most complex terms:

Housing Survey

The lender conducts a valuation survey to estimate the property’s value. Buyers may also arrange an independent house survey to check for structural issues.

Property Searches

The solicitor will conduct searches to check for local plans or issues. These include the Land Registry, local authority, environmental, and drainage searches, as well as flood risk, mining searches, and chancel repair liability.

Survey contingency

A clause allowing the buyer to renegotiate or withdraw the offer if serious issues are found in the survey.

Memorandum of sale

A document issued when an offer is accepted, confirming the sale details. It is necessary when a property transitions from being under offer to being sold subject to contract.

Loan to value ratio

Lenders consider your loan-to-value ratio (LTV) – the amount you want to borrow compared to the overall loan. The higher your deposit, the lower the LTV and interest rate. For example, if your new home costs £250,000 and you have a 10% deposit (£25,000), your LTV will be 90%.

Conveyancing

The legal process of transferring home ownership from the current owner or homebuilder to the new buyer. Hiring a conveyancing solicitor as soon as you have made an offer on a house can help speed up the process.

EPC Certificate

A rating system showing how energy efficient a property is. Most new homes in the UK achieve a B rating or above, which means that buyers can take advantage of green mortgage deals that offer discounted rates for energy-efficient homes.  

Agreement in principle

A conditional mortgage offer from a lender stating how much they might lend you. There are many different mortgage options, including fixed rates, variable rates, and tracker mortgages.

Subject to contract

A term used after an offer has been submitted, indicating that while the seller has accepted the offer, the contractual process has not yet been completed.

Property chain

A series of property transactions that rely on one another to be completed. The more parties involved, the more complex and fragile the transaction becomes.

Understanding the house buying process:

According to the latest Google search data, over 37,000 Brits searched how long does it take to buy a house, which is a 30% YoY increase. This rise suggests that many people still find the process unclear.  

Sam Wood, Sales Director at Barratt Homes Yorkshire West has created a straightforward guide outlining the key steps to buying a home.

1. Finding a property (10–12 weeks)

The first step in purchasing a home is identifying a property that meets your needs. Whether it’s a new build or a previously owned home, knowing your preferences early can help prevent delays.

During this stage, you’ll research the housing market, arrange viewings, and assess factors like property chains, which can impact how quickly a sale progresses. You should also check the home’s EPC rating, which indicates energy efficiency, as higher-rated homes may qualify for lower green mortgage rates.

2. Preparing to Buy (2–6 weeks)

Once you’ve found a property, the next step is preparing your finances. Getting an agreement in principle from a lender will give you an estimate of how much you can borrow. You’ll also need to decide on a mortgage type, such as fixed-rate or tracker mortgages.

Here, lenders will assess your credit score, income, and loan-to-value ratio. A larger deposit usually results in lower interest rates. You’ll also need to gather key financial documents, such as bank statements, proof of employment, and details of existing debts.

3. Making an Offer (1 week)

With your mortgage agreement in place, you can now make an offer on the property. If accepted, the property will be marked as sold subject to contract, meaning the sale is progressing but not legally binding yet. A memorandum of sale will be issued, confirming the agreed price and conditions.

4. Legal and Financial Process (8–12 weeks)

Your solicitor will now handle the legal aspects of the purchase, including conveyancing, which transfers ownership from seller to buyer. They will also conduct searches to check for local planning issues, environmental risks, or potential legal complications.

If buying an older home, a survey can be arranged to assess the property’s condition. You’ll also finalise your mortgage agreement and ensure all legal paperwork is in place before proceeding to the next stage.

5. Exchange of Contracts (1–3 weeks)

At this stage, the sale becomes legally binding. Exchange of contracts happens once all legal checks are complete, and both parties sign the contracts. You’ll also be required to pay your deposit, typically 5–10% of the property’s price.

Your solicitor will check for any covenants that may restrict how you use the property and advise on indemnity insurance if needed—for example, to cover missing building regulation certificates. Before completion, you’ll receive a completion statement outlining the final payments due.

6. Completion & Moving In (1 week)

With contracts exchanged, only a few final steps remain. Your solicitor will handle Stamp Duty Land Tax, if applicable, and register the property with the Land Registry to transfer ownership officially.

Once everything is finalised, you’ll receive your title deeds, proving ownership. At this point, you can collect the keys and move into your new home, marking the end of the buying process.